Fidelity Freedom® 2040 Fund

  • Symbol: FFFFX
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Summary

Morningstar® Snapshot*

AS OF 07/31/2015; MORNINGSTAR CATEGORY: Target Date 2036-2040
Returns 3 out of 5, Average Returns
LOWAVGHIGH
Expenses 2 out of 5, Below Average Fees
LOWAVGHIGH
Risk of this Category Category Risk Rating:6, where 1 is Lower and 10 is Higher
LOWERHIGHER

*Data provided by Morningstar.

Performance

 2 More Information
AS OF 7/31/2015
Average Annual Returns
YTD (Daily)* 1 Yr 3 Yr 5 Yr 10 Yr
YTD (Daily)* -0.62% 1 Yr +7.42% 3 Yr +12.31% 5 Yr +10.91% 10 Yr +5.86%
*AS OF 8/28/2015; Value is cumulative

Hypothetical Growth of $10,000

 3, 4 More Information
AS OF 07/31/2015; MORNINGSTAR CATEGORY: Target Date 2036-2040
Shows growth of hypothetical $10,000 investment in Fidelity Freedom® 2040 Fund compared to S&P 500,FID FF 2040 Comp Idx,Target Date 2036-2040 over the selected time period
Fidelity Freedom® 2040 Fund
Target Date 2036-2040

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The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance data quoted.

Fund Manager(s)

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Andrew J Dierdorf since 6/21/2011 Brett F Sumsion since 1/21/2014

Fund Overview

Objective

Seeks high total return until its target retirement date. Thereafter, the fund's objective will be to seek high current income and, as a secondary objective, capital appreciation.

Strategy

Designed for investors who anticipate retiring in or within a few years of the fund's target retirement year at or around age 65 and plan to gradually withdraw the value of their account in the fund over time. Investing in a combination of Fidelity domestic equity funds, international equity funds (developed and emerging markets), bond funds, and short-term funds (underlying Fidelity funds). Allocating assets among underlying Fidelity funds according to a "neutral" asset allocation strategy that becomes increasingly conservative until it reaches an allocation similar to that of the Freedom Income Fund - approximately 17% in domestic equity funds, 7% in international equity funds, 46% in bond funds, and 30% in short-term funds (approximately 10 to 19 years after the target year). Ultimately, the fund will merge with the Freedom Income Fund. Through an active asset allocation strategy, the Adviser may increase or decrease neutral asset class exposures by up to 10 percentage points for equity (includes domestic and international equity funds), bond and short-term funds to reflect the Adviser's market outlook, which is primarily focused on the intermediate term. The Adviser may also make active asset allocations within other asset classes (including commodities, high yield debt, floating rate debt, real estate debt, inflation-protected debt, and emerging markets debt) from 0% to 10% individually but no more than 25% in aggregate within those other asset classes. The Adviser may continue to seek high total return for several years beyond the fund's target retirement date in an effort to achieve the fund's overall investment objective.

Risk

The investment risk of each Fidelity Freedom Fund changes over time as its asset allocation changes. These risks are subject to the asset allocation decisions of the Investment Adviser. Pursuant to the Adviser's ability to use an active asset allocation strategy, investors may be subject to a different risk profile compared to the fund's neutral asset allocation strategy shown in its glide path. The funds are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, commodity-linked, and foreign securities. No target date fund is considered a complete retirement program and there is no guarantee any single fund will provide sufficient retirement income at or through retirement. Principal invested is not guaranteed at any time, including at or after the funds' target dates.

Additional Disclosures

A mutual fund registered under FIDELITY ABERDEEN STREET TRUST, and managed by Strategic Advisers, Inc. This description is only intended to provide a brief overview of the fund. Read the fund's prospectus for more detailed information about the fund.

Details

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Morningstar Category
Target Date 2036-2040
Fund Inception
9/6/2000
NAV
8/28/2015
$9.05
Glossary definition opens in new window.Exp Ratio (Gross)
5/28/2015
0.75%
($7.50 per $1000)
Glossary definition opens in new window.Exp Ratio (Net)
5/28/2015
0.75%
($7.50 per $1000)
Minimum to Invest 5
$2,500.00
Turnover Rate
3/31/2015
17%
Glossary definition opens in new window.Portfolio Net Assets ($M)
7/31/2015
$6,953.27
12 Month Low-High
7/31/2015
$8.94 - $9.94

Quarter-End Average Annual Total Returns

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AS OF 6/30/2015; FUND INCEPTION 9/6/2000 Glossary definition opens in new window.

EXPENSE RATIO (GROSS):
0.75% AS OF 5/28/2015
1 Yr 3 Yr 5 Yr 10 Yr Life
Glossary definition opens in new window.Before Taxes
Fidelity Freedom® 2040 Fund 4.30% 12.57% 12.18% 6.15% 3.32%
S&P 500 7.42% 17.31% 17.34% 7.89% 4.21%
FID FF 2040 Comp Idx 3.30% 13.65% 13.44% 7.07% 4.73%
Target Date 2036-2040 2.16% 11.60% 11.62% 5.74% --
Glossary definition opens in new window.After Taxes on Distributions
Fidelity Freedom® 2040 Fund 2.81% 10.83% 10.78% 4.98% 2.39%
Target Date 2036-2040 -0.75% 9.65% 10.04% 4.50% --
Glossary definition opens in new window.After taxes on distributions and sale of fund shares
Fidelity Freedom® 2040 Fund 3.32% 9.45% 9.36% 4.69% 2.40%
Target Date 2036-2040 1.49% 8.34% 8.69% 4.19% --

Performance & Risk

Average Annual Total Returns

 6, 3, 2 More Information
AS OF 7/31/2015; FUND INCEPTION 9/6/2000
1 Yr 3 Yr 5 Yr 10 Yr Life
Fidelity Freedom® 2040 Fund 7.42% 12.31% 10.91% 5.86% 3.37%
S&P 500 11.21% 17.58% 16.24% 7.72% 4.34%
FID FF 2040 Comp Idx 6.02% 13.63% 12.25% 6.80% 4.78%
Target Date 2036-2040 4.65% 11.46% 10.32% 5.48% --
Rank in Morningstar Category 7% 51% 42% 27% --
# of Funds in Morningstar Category 235 197 170 53 --

Hypothetical Growth of $10,000

 3, 4 More Information
AS OF 07/31/2015; MORNINGSTAR CATEGORY: Target Date 2036-2040
Fidelity Freedom® 2040 Fund
Target Date 2036-2040
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
This Fund 9.06% 13.49% 9.31% -38.80% 31.65% 14.62% -4.63% 14.53% 21.05% 5.71% 4.98%
Benchmark 4.91% 15.79% 5.49% -37.00% 26.46% 15.06% 2.11% 16.00% 32.39% 13.69% 3.35%
Benchmark-2 7.05% 16.38% 6.40% -35.33% 29.75% 14.15% -0.63% 14.63% 24.66% 7.29% 3.44%
Category 7.41% 14.67% 6.21% -37.94% 30.90% 14.37% -3.49% 14.64% 19.97% 5.25% 3.12%
+/- Benchmark 4.15% -2.30% 3.82% -1.80% 5.19% -0.44% -6.74% -1.47% -11.34% -7.98% 1.63%
+/- Benchmark-2 2.01% -2.89% 2.91% -3.47% 1.90% 0.47% -4.00% -0.10% -3.61% -1.58% 1.54%
+/- Category 1.65% -1.18% 3.10% -0.86% 0.75% 0.25% -1.14% -0.11% 1.08% 0.46% 1.86%

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The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance data quoted.

Quarter-End Average Annual Total Returns

 3, 2 More Information
AS OF 6/30/2015; FUND INCEPTION 9/6/2000 Glossary definition opens in new window.

EXPENSE RATIO (GROSS):
0.75% AS OF 5/28/2015
1 Yr 3 Yr 5 Yr 10 Yr Life
Glossary definition opens in new window.Before Taxes
Fidelity Freedom® 2040 Fund 4.30% 12.57% 12.18% 6.15% 3.32%
S&P 500 7.42% 17.31% 17.34% 7.89% 4.21%
FID FF 2040 Comp Idx 3.30% 13.65% 13.44% 7.07% 4.73%
Target Date 2036-2040 2.16% 11.60% 11.62% 5.74% --
Glossary definition opens in new window.After Taxes on Distributions
Fidelity Freedom® 2040 Fund 2.81% 10.83% 10.78% 4.98% 2.39%
Target Date 2036-2040 -0.75% 9.65% 10.04% 4.50% --
Glossary definition opens in new window.After taxes on distributions and sale of fund shares
Fidelity Freedom® 2040 Fund 3.32% 9.45% 9.36% 4.69% 2.40%
Target Date 2036-2040 1.49% 8.34% 8.69% 4.19% --

Cumulative Total Returns

 2 More Information
AS OF 7/31/2015
YTD (Daily)* YTD (Monthly) 1 Month 3 Months 6 Months
Fidelity Freedom® 2040 Fund -0.62% 4.98% 0.95% 0.25% 6.46%
S&P 500 -- 3.35% 2.10% 1.41% 6.55%
FID FF 2040 Comp Idx -- 3.44% 1.04% -0.48% 5.10%
Target Date 2036-2040 -- 3.12% 0.67% -0.72% 4.08%
*AS OF 8/28/2015

Fund Risk and Return

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AS OF 7/31/2015; MORNINGSTAR CATEGORY: Target Date 2036-2040
Risk of this Category Category Risk Rating:6, where 1 is Lower and 10 is Higher
LOWERHIGHER

Risk

The investment risk of each Fidelity Freedom Fund changes over time as its asset allocation changes. These risks are subject to the asset allocation decisions of the Investment Adviser. Pursuant to the Adviser's ability to use an active asset allocation strategy, investors may be subject to a different risk profile compared to the fund's neutral asset allocation strategy shown in its glide path. The funds are subject to the volatility of the financial markets, including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap, commodity-linked, and foreign securities. No target date fund is considered a complete retirement program and there is no guarantee any single fund will provide sufficient retirement income at or through retirement. Principal invested is not guaranteed at any time, including at or after the funds' target dates.

Volatility Measures

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Beta 0.82
AS OF 7/31/2015

A measure of a portfolio's sensitivity to market movements (as represented by a benchmark index). The benchmark index has a beta of 1.0. A beta of more (less) than 1.0 indicates that a fund's historical returns have fluctuated more (less) than the benchmark index. Beta is a more reliable measure of volatility when used in combination with a high R2 which indicates a high correlation between the movements in a fund's returns and movements in a benchmark index.

R2 0.88
AS OF 7/31/2015

A measurement of how closely the portfolio's performance correlates with the performance of the fund's primary benchmark index or equivalent. R2 is a proportion which ranges between 0.00 and 1.00. An R2 of 1.00 indicates perfect correlation to the benchmark index, that is, all of the portfolio's fluctuations are explained by performance fluctuations of the index, while an R2 of 0.00 indicates no correlation. Therefore, the lower the R2, the more the fund's performance is affected by factors other than the market as measured by that benchmark index. An R2 value of less than 0.5 indicates that the Annualized Alpha and Beta are not reliable performance statistics.

Sharpe Ratio 1.63
AS OF 7/31/2015

The Sharpe ratio is a measure of historical adjusted performance calculated by dividing the fund's excess returns (fund's average monthly returns minus the average monthly return of the Salomon Smith Barney 3-Month T-Bill Index) by the standard deviation of those returns. The higher the ratio, the better the fund's return per unit of risk.

Standard Deviation 7.50
AS OF 7/31/2015

Statistical measure of how much a return varies over an extended period of time. The more variable the returns, the larger the standard deviation. Investors may examine historical standard deviation in conjunction with historical returns to decide whether an investment's volatility would have been acceptable given the returns it would have produced. A higher standard deviation indicates a wider dispersion of past returns and thus greater historical volatility. Standard deviation does not indicate how an investment actually performed, but it does indicate the volatility of its returns over time. Standard deviation is annualized. The returns used for this calculation are not load-adjusted.

Historical Fund Performance

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Current year's data as of: 7/31/2015
Year Total Returns Capital Gains Dividends Glossary definition opens in new window.Share Class Net Assets ($M)
2015 4.98% $0.238 $0.009 $6,953.27
2014 5.71% $0.548 $0.159 $6,862.75
2013 21.05% $0.325 $0.134 $7,352.18
2012 14.53% $0.022 $0.145 $6,675.33
2011 -4.63% $0.15 $0.132 $6,892.60
2010 14.62% $0.07 $0.119 $9,017.38
2009 31.65% $0.07 $0.125 $8,253.63
2008 -38.80% $0.3348 $0.1552 $5,398.09
2007 9.31% $0.48 $0.15 $7,436.44
2006 13.49% $0.4 $0.13 $5,249.14

Ratings

Morningstar Ratings

AS OF 07/31/2015; MORNINGSTAR CATEGORY: Target Date 2036-2040
Overall
3 out of 5 stars
Out of 197 funds
3 Yr
3 out of 5 stars
Out of 197 funds
5 Yr
3 out of 5 stars
Out of 170 funds
10 Yr
3 out of 5 stars
Out of 53 funds

An overall rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Metrics as of the date stated. The number of funds in the Target Date 2036-2040 category tracked by Morningstar was 197 for the 3 year period and Overall Ranking; 170 for the 5 year period; and 53 for the 10 year period.

Past performance is no guarantee of future results.

Lipper Ranking

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AS OF 7/31/2015; LIPPER PEER GROUP: Growth & Income
1 Yr
#644 out of 2,371 funds
5 Yr
#954 out of 1,577 funds
10 Yr
#546 out of 804 funds

The fund is ranked based on total return. Each fund is ranked within a universe of funds with similar investment objectives. Rankings include the reinvestment of dividends and capital gains but exclude the effect of a fund's sales load, if applicable. Lipper Inc. is a nationally recognized organization that ranks the performance of mutual funds.

Past performance is no guarantee of future results.

Composition

Asset Allocations

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AS OF 6/30/2015
Domestic Equity Funds
65.60%
Equity Funds
64.81%
Commodity Funds
0.79%
International Equity Funds
27.90%
Developed-Markets Equity Funds
19.91%
Emerging-Markets Equity Funds
7.99%
Bond Funds
5.20%
Investment-Grade Bond Funds
0.58%
High-Yield Bond Funds
3.25%
Floating-Rate Funds
0.28%
Emerging-Markets Debt Funds
0.62%
Real Estate Debt Funds
0.47%
Short-Term Funds & Net Other Assets
1.30%
NET OTHER ASSETS
0.02%

Some domestic equity funds may invest a significant portion of their underlying assets in international securities. The allocation percentages may not add up to 100% due to rounding and/or cash balances.

Equity StyleMap®*

 10 More Information
AS OF 6/30/2015
Capitalization
LG current
MD
SM
Value Blend Growth
Style
Current
Historical

Large Blend

Invest in companies with market values greater than $10 billion. These funds invest in a combination of growth and value-oriented stocks.

*88.74%  Fund Assets Covered

Fixed Income StyleMap®*

 11 More Information
AS OF 6/30/2015
Credit Quality
High
Med
Low current
Ltd Mod Ext
Interest Rate Sensitivity
Current
Historical

Low Quality Limited Sensitivity

Hold securities with a low asset-weighted average credit rating and a low sensitivity to interest rate changes as defined by the fund's effective duration, both according to Morningstar's rating system.

*5.18%  Fund Assets Covered

Asset Allocation Over Time

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Fidelity Freedom Funds invest in a diversified mix of Fidelity domestic equity, international equity, bond, and short-term funds, many of which are managed exclusively for this purpose. As the chart below shows, Freedom Funds follow a "neutral" asset allocation strategy that becomes increasingly more conservative as the target date approaches and passes. Freedom Funds are generally expected to reach their most conservative allocation 10-19 years after the target date.

Fund Facts

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Fiscal Year End
March
Fund Inception
9/6/2000
Fund Number
718
Fund Symbol
FFFFX
Order Cutoff Time
04:00 PM EST

Fees and Distributions

Expenses & Fees

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0.75%
($7.50 per $1000)
5/28/2015
Distribution and/or service fee(12b-1) Fees
0.00%
Small Balance Fee 15

See prospectus for more information on Fees, Expenses & Loads.

Minimums

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Initial Investment
$2,500.00
Additional Investment
$0.00
Initial IRA Investment
$2,500.00
Additional IRA Investment
$0.00
Initial Group Retirement Investment 5
$500.00
Additional Group Retirement Investment
$0.00
Required Balance
$2,000.00
Direct Deposit
$0.00

Features

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Retirement Accounts
yes
Check Writing
no
Direct Deposit
yes
Automatic Account Builder
yes
Max Exchange Redemptions in a Year
yes
Simple IRA
yes

Distribution

Dividend History

Date Per Share Amount Reinvestment Price
5/08/15 $0.009 $9.65
12/29/14 $0.147 $9.45
5/02/14 $0.012 $9.19
12/27/13 $0.12 $9.48

Capital Gains History

Date Per Share Amount Reinvestment Price
5/08/15 $0.238 $9.65
12/29/14 $0.125 $9.45
5/02/14 $0.423 $9.19
12/27/13 $0.175 $9.48

Pricing

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AS OF 7/31/2015
NAV
$9.05
8/28/2015
12 Month Low-High
$8.94 - $9.94
Monthly Low-High
$9.29 - $9.68
On 7/31/2015
$9.56

Price History By Month

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Actual Values: Jul. 2015 to Jul. 2014

Close Low High
Jul $9.56 $9.29 $9.68
Jun $9.47 $9.44 $9.75
May $9.63 $9.60 $9.87
Apr $9.78 $9.63 $9.94
Mar $9.63 $9.46 $9.79
Feb $9.71 $9.30 $9.73
Jan $9.21 $9.09 $9.42
Dec $9.34 $9.26 $9.71
Nov $9.72 $9.54 $9.76
Oct $9.59 $8.94 $9.59
Sep $9.42 $9.42 $9.69
Aug $9.67 $9.28 $9.67
Jul $9.39 $9.39 $9.69

Commentary

Quarterly Fund Review

Portfolio Manager Q&A

Chairman's Message

The "Mutual Funds" area at the top of each page allows access to mutual fund holdings with individual and joint Fidelity non-retirement accounts. Individual stock positions, ETFs and 529 funds are not available through this view. For the full list of your holdings visit Portfolio Summary.

Mutual Funds are priced as of the previous business day's market close when the market is open. Mutual fund positions are priced as of the official market close (typically 4p.m.) and prices are generally available between 5 p.m. and 6p.m.

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2015 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for fund performance, you should check the fund's current prospectus or other product materials for the most up-to-date information concerning applicable loads, fees and expenses.

The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance data quoted.

1. No Transaction Fee Fidelity funds are available without paying a trading fee to Fidelity or a sales load to the fund. However, the fund may charge a short-term trading or redemption fee to protect the interests of long-term shareholders of the fund. Shares are subject to the fund's management and operating expenses. See Expenses & Fees for more information.

2. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. Life of fund figures are reported as of the commencement date to the period indicated and are cumulative if the fund is less than one year old. Total returns do not reflect the fund's [%] sales charge. If sales charges were included, total returns would have been lower.

3. The Morningstar Category Average is the average return for the peer group based on the returns of each individual fund within the group, for the period shown. This average assumes reinvestment of dividends.

4. This chart illustrates the performance of a hypothetical $10,000 investment made in this investment product (and a benchmark or category average, if shown) from the beginning date shown or on the inception date of the product (whichever is later). The inception date used for products with underlying funds, or multiple shares classes, or are offered as a separate account, strategy or sub account, may be the inception date of the underlying fund, the earliest share class of the product, or the date composite performance for the product was first made available. The product's returns may not reflect all its expenses. Any fees not reflected would lower the returns. Benchmark returns include reinvestment of capital gains and dividends, if any, but do not reflect any fees or expenses. It is not possible to invest in an index. Past performance is no guarantee of future results. This chart is not intended to imply any future performance of the investment product.

5. Initial minimum investments into group retirement accounts such as Fidelity Simplified Employee Pension-IRA, Keogh, Self-Employed 401(k), and Non-Fidelity Prototype Retirement accounts are $500 or higher. There is no minimum for additional investments in any type of Fidelity fund you already own.

6. Percent Rank in Category is the fund's total-return percentile rank relative to all funds that have the same Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. % Rank in Category is based on total returns which include reinvested dividends and capital gains, if any, and exclude sales charges.

7. Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of the Portfolio Composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future settlement, Net Other Assets can be a negative number.

8. The percent of net assets invested in both domestic and foreign Equities (common stocks, preferred stocks, rights and warrants, convertible preferred stocks and stock index futures and options), Bond (all debt instruments, including investment grade, non-investment grade, non-rated securities and convertible bonds), and Cash & Net Other Assets (cash, repurchase agreements, receivables and payables).

9. The asset allocation shown is presented to illustrate the underlying funds in which the fund invested and may not be representative of the fund's current or future investments. The figures shown are as of the date shown, do not include the fund's entire investment portfolio and may change at any time.

10. StyleMap depictions of mutual fund characteristics are produced using data and calculations provided by Morningstar, Inc. StyleMapsSM estimate characteristics of a fund's equity holdings over two dimensions: market capitalization and valuation. The percentage of fund assets represented by these holdings is indicated beside each StyleMap. Current StyleMap characteristics are calculated each time Morningstar receives updated portfolio holdings from a fund and are denoted with a dot. Historical StyleMap characteristics are calculated for the shorter of either the past 3 years or the life of the fund, and are represented by the shading of the box(es) previously occupied by the dot. StyleMap characteristics represent an approximate profile of the fund's equity holdings (e.g., domestic stocks, foreign stocks, and American Depositary Receipts), are based on historical data, and are not predictive of the fund's future investments. Although the data are gathered from reliable sources, accuracy and completeness cannot be guaranteed.

11. Fixed Income StyleMap StyleMap depictions of mutual fund characteristics are produced using data and calculations provided by Morningstar, Inc. StyleMapsSM estimate characteristics of a fund's fixed income holdings over two dimensions: credit quality and interest rate sensitivity. Current StyleMap characteristics are calculated each time Morningstar receives updated portfolio holdings from a fund and are denoted with a dot. Historical StyleMap characteristics are calculated for the shorter of either the past 3 years or the life of the fund, and are represented by the shading of the box(es) previously occupied by the dot. StyleMap characteristics represent an approximate profile of the fund's holdings, are based on historical data, and are not predictive of the fund's future investments. Although the data are gathered from reliable sources, accuracy and completeness cannot be guaranteed.

12. Any holdings, asset allocation, diversification breakdowns or other composition data shown are as of the date indicated and are subject to change at any time. They may not be representative of the fund's current or future investments. The Top Ten holdings do not include money market instruments or futures contracts, if any. Depository receipts are normally combined with the underlying security. Some breakdowns may be intentionally limited to a particular asset class or other subset of the fund's entire portfolio, particularly in multi-asset class funds where the attributes of the equity and fixed income portions are different.

Under the asset allocation section, international (or foreign) assets may be reported differently depending on how an investment option reports its holdings. Some do not report international (or foreign) holdings here, but instead report them in a "Regional Diversification" section. Some report them in this section in addition to the equity, bond and other allocation shown. Others report international (or foreign) holding as a subset of the equity and bond allocations shown. If the allocation without the foreign component equals (or rounds to) 100%, then international (or foreign) is a subset of the equity and bond percentage shown.

13. Investors should allocate assets based on individual risk tolerance, investment time horizon, and personal financial situation. A particular asset allocation may be achieved by using different allocations in different accounts or by using the same one across multiple accounts. The glide path is not intended as a benchmark for individual investors; rather, it is a range of equity allocations that may be appropriate for many investors saving for retirement. When choosing a Freedom Fund, investors should consider whether they anticipate retiring significantly earlier or later than age 65 even if such investors retire on or near a fund's approximate target date. There may be other considerations relevant to fund selection and investors should select the fund that best meets their individual circumstances and investment goals.

14. The Adviser may use an active asset allocation strategy to increase or decrease neutral asset class exposures reflected above by up to 10 percentage points for Equity Funds (includes domestic and international equity funds), Bond Funds and Short-Term Funds to reflect the Adviser's market outlook, which is primarily focused on the intermediate term. The asset allocations in the chart above are referred to as "neutral" because they do not reflect any decisions made by the Adviser to overweight or underweight an asset class.

The Adviser may also make active asset allocations within other asset classes (including Commodities, High Yield Debt, Floating Rate Debt, Real Estate Debt, Inflation-Protected Debt, and Emerging Markets Debt) from 0% to 10% individually but no more than 25% in aggregate within those other asset classes. Such asset classes are not reflected in the neutral allocations reflected in the chart above. This strategy may not be successful in adding value, may increase losses to the Fund and/or cause the Fund to have a risk profile different than that portrayed above from time to time.

15. Fidelity may deduct a small balance maintenance fee of $12.00 from a fund balance with a value less than $2,000. Fund positions opened after September 30 will not be subject to the fee for that calendar year. This fee will not be deducted from fund positions opened after January 1 of that calendar year if those positions use regular investment plans. Refer to the fund prospectus for details.

Strategic Advisers, Inc., a subsidiary of FMR LLC., manages the Fidelity Freedom Funds.

Generally, data on Fidelity mutual funds is provided by FMR, LLC, Morningstar ratings and data on non-Fidelity mutual funds is provided by Morningstar, Inc. and data on non-mutual fund products is provided by the product's investment manager, trustee or issuer or the plan sponsor whose plan is offering the product to participants. Although Fidelity believes the data gathered from these third-party sources is reliable, it does not review such information and cannot warrant it to be accurate, complete or timely. Fidelity is not responsible for any damages or losses arising from any use of this third-party information.

Before investing, consider the investment objectives, risks, charges and expenses of the fund or annuity and its investment options. Contact Fidelity for a free prospectus and, if available, summary prospectus containing this information. Read it carefully.